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Republicans and Democrats are trying to find a middle ground on several provisions in order to pass another coronavirus stimulus package, including whether to repeal a $10,000 cap on state and local tax deductions. Senate Minority Leader Chuck Schumer, D-N.Y., unveiled a proposal in mid-July along with Congressman Tom Suozzi, D-N.Y., to fully restore the deduction in the next relief package. However, Republicans have traditionally opposed repealing the cap – which was implemented as part of the 2017 Tax Cuts and Jobs Act – arguing that it primarily favors wealthy individuals in high-tax states, which have been accused of budget mismanagement prior to the pandemic. SALT CAP REPEAL THE 'SINGLE BEST' ACTION TO HELP NEW YORK, CUOMO SAYS Earlier this week, Senate Majority Leader Mitch McConnell blamed Democrats for holding up the package over “’an unrelated tax cut for rich people.” The Kentucky Republican made similar comments at the end of July. Schumer has maintained that the bill needs to support state and local governments. CORONAVIRUS HIT HIGH-TAX STATES RENEW SALT CAP REPEAL EFFORTS While the Republican-sponsored HEALS Act does not adjust the measure, House Democrats approved a stimulus proposal in May that called for reinstating the SALT deduction for 2020 and 2021. Repealing the cap could be helpful in high-tax states as they consider how to return to business as usual once the coronavirus crisis subsides. It has caused an exodus from these higher-tax states, which has, in turn, resulted in a loss of state tax revenues. “We need to bring our federal dollars back home and cushion the blow this virus –and this harmful SALT cap--has dealt so many homeowners and families locally,” Schumer said in a statement. Suozzi added that families would leave New York without the measure. The White House has repeatedly pushed back at efforts to overturn the provision for years. A legal challenge that was launched by New York, New Jersey, Connecticut and Maryland is making its way through the courts. CLICK HERE TO READ MORE ON FOX BUSINESS A handful of local officials have been outspoken about repealing the provision, including New York Gov. Andrew Cuomo, who is trying to get Manhattan’s wealthiest taxpayers to return to the city. Cuomo said in May that repealing the cap would be the “single best piece of action” to help the state, claiming it costs New York state about $29 billion per year. New Jersey Gov. Phil Murphy also said undoing the cap would be a form of “main street stimulus.”
Posted inEconomy

In SALT cap stimulus square-off, lawmakers squabble over $10,000 deduction limit

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
McConnell open to extending $600 unemployment boost in coronavirus stimulus deal
Posted inEconomy

McConnell open to extending $600 unemployment boost in coronavirus stimulus deal

USNN World Newsby USNN World NewsAugust 5, 2020August 19, 2024
House Speaker Nancy Pelosi slammed President Trump for suggesting that he would deliver his convention acceptance speech from the White House South Lawn, calling the proposed move "very wrong." "For the President of the United States to degrade once again the White House, as he has done over and over again, by saying he's going to completely politicize it, is something that should be rejected right out of hand," Pelosi, D-Calif., said during an interview on MSNBC. "It's not serious thinking," she said. "It won't happen, whether it's legally wrong or ethically out of the question, it shouldn't have been something that was expressed." TRUMP CAMPAIGN CONSIDERING POSSIBLE CONVENTION ACCEPTANCE SPEECH FROM WHITE HOUSE LAWN Earlier in the day, during an interview on "Fox & Friends," Trump confirmed that his re-election campaign was exploring several options for the site of his Republican National Convention nomination acceptance speech later this month, including the South Lawn. "We're thinking about it," Trump said. "It would be the easiest from the standpoint of security. You know these, they move with a lot of people, it's a very expensive operation militarily. And law enforcement-wise. The Secret Service is fantastic. But it's a big deal." The possibility that Trump may deliver one of his most high-profile speeches at the White House has raised questions over whether it's a violation of the Hatch Act, which prohibits federal government employees from participating in partisan political activity -- although the president and vice president are exempt. TRUMP, IN 'FOX & FRIENDS' INTERVIEW, WARNS IT COULD TAKE YEARS TO GET ELECTION RESULTS WITH MASS-MAILED BALLOTS placeholder “I think anything you do on federal property would seem to be problematic,” Sen. John Thune, R, S-D., told reporters this week. At the end of July, Trump abruptly canceled RNC events that were scheduled to take place in Jacksonville, Fla. amid a resurgence of coronavirus cases in the state. His decision to do so came just weeks after he moved the event from North Carolina after a health safety-related dispute with the state's Democratic governor. Several hundred Republican delegates will still meet in Charlotte to nominate Trump, whose address is scheduled to take place the final night of the three-day event, which runs from Aug. 24-27. BIDEN CAMPAIGN SHELLING OUT $280M FOR 15-STATE AD BUY The Democratic National Convention Committee on Wednesday announced the party's event will be completely virtual, with presumptive nominee Joe Biden no longer traveling to Milwaukee to deliver the acceptance speech. Biden will now deliver his keynote speech in his home state of Delaware, according to a news release.
Posted inNational News

Pelosi blasts Trump for saying he may deliver convention speech from White House: ‘He can’t do that’

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
Republicans and Democrats are trying to find a middle ground on several provisions in order to pass another coronavirus stimulus package, including whether to repeal a $10,000 cap on state and local tax deductions. Senate Minority Leader Chuck Schumer, D-N.Y., unveiled a proposal in mid-July along with Congressman Tom Suozzi, D-N.Y., to fully restore the deduction in the next relief package. However, Republicans have traditionally opposed repealing the cap – which was implemented as part of the 2017 Tax Cuts and Jobs Act – arguing that it primarily favors wealthy individuals in high-tax states, which have been accused of budget mismanagement prior to the pandemic. SALT CAP REPEAL THE 'SINGLE BEST' ACTION TO HELP NEW YORK, CUOMO SAYS Earlier this week, Senate Majority Leader Mitch McConnell blamed Democrats for holding up the package over “’an unrelated tax cut for rich people.” The Kentucky Republican made similar comments at the end of July. Schumer has maintained that the bill needs to support state and local governments. CORONAVIRUS HIT HIGH-TAX STATES RENEW SALT CAP REPEAL EFFORTS While the Republican-sponsored HEALS Act does not adjust the measure, House Democrats approved a stimulus proposal in May that called for reinstating the SALT deduction for 2020 and 2021. Repealing the cap could be helpful in high-tax states as they consider how to return to business as usual once the coronavirus crisis subsides. It has caused an exodus from these higher-tax states, which has, in turn, resulted in a loss of state tax revenues. “We need to bring our federal dollars back home and cushion the blow this virus –and this harmful SALT cap--has dealt so many homeowners and families locally,” Schumer said in a statement. Suozzi added that families would leave New York without the measure. The White House has repeatedly pushed back at efforts to overturn the provision for years. A legal challenge that was launched by New York, New Jersey, Connecticut and Maryland is making its way through the courts. CLICK HERE TO READ MORE ON FOX BUSINESS A handful of local officials have been outspoken about repealing the provision, including New York Gov. Andrew Cuomo, who is trying to get Manhattan’s wealthiest taxpayers to return to the city. Cuomo said in May that repealing the cap would be the “single best piece of action” to help the state, claiming it costs New York state about $29 billion per year. New Jersey Gov. Phil Murphy also said undoing the cap would be a form of “main street stimulus.”
Posted inNational News

Trump downplays Republican concerns about giving nomination acceptance at White House: ‘It is legal, there is no Hatch Act’

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion
Posted inEconomy

McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
Trump calls Black Lives Matter a 'Marxist group,' rips athletes kneeling for anthem
Posted inNational News

Trump rips athletes kneeling for anthem, calls Black Lives Matter a ‘Marxist group’

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
Tropical Storm Isaias caused 147 mph wind gust atop Mount Washington in New Hampshire
Posted inWeather

Tropical Storm Isaias caused 147 mph wind gust atop Mount Washington in New Hampshire

USNN World Newsby USNN World NewsAugust 5, 2020September 7, 2024
Beirut explosion: Rescue workers frantically search for survivors as Lebanon capital confronts massive devastation
Posted inWorld

Beirut explosion: Rescue workers frantically search for survivors as Lebanon capital confronts massive devastation

USNN World Newsby USNN World NewsAugust 5, 2020June 20, 2024
Carolyn Maloney declared winner in New York congressional race marred by mail-in ballot problems
Posted inNational News

Carolyn Maloney declared winner in New York congressional race marred by mail-in ballot problems

USNN World Newsby USNN World NewsAugust 4, 2020February 26, 2025
Dem Senator walks out of Ted Cruz's Antifa hearing: 'I don't think you listen'
Posted inCongress

Dem Senator walks out of Ted Cruz’s Antifa hearing: ‘I don’t think you listen’

USNN World Newsby USNN World NewsAugust 4, 2020August 4, 2020
Stocks rally as slow coronavirus-relief talks move in 'right direction'
Posted inEconomy

Stocks rally as slow coronavirus-relief talks move in ‘right direction’

USNN World Newsby USNN World NewsAugust 4, 2020December 5, 2024
DB Cooper case gets new clues in tiny algae found on ransom money, study says
Posted inNational News

DB Cooper case gets new clues in tiny algae found on ransom money, study says

USNN World Newsby USNN World NewsAugust 4, 2020August 4, 2020

Posts pagination

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NATIONAL NEWS

  • Hillary Clinton ‘intimidated’ by Tulsi Gabbard’s $50M lawsuit, won’t accept legal documents, lawyer claims: reportHillary Clinton ‘intimidated’ by Tulsi Gabbard's $50M lawsuit, won’t accept legal documents, lawyer claims: report
    By Dom Calicchio | Fox News Hillary Clinton or her representatives have, on at least two occasions, declined to accept legal papers delivered in connection with Tulsi Gabbard’s lawsuit ...
  • Conservative Virginia Counties Float Seceding to West VirginiaConservative Virginia Counties Float Seceding to West Virginia
    By Matthew Vadum A long-shot proposal for Virginia counties to secede and become part of neighboring West Virginia gained momentum after conservative leader and Liberty ...
  • White House Told Bolton That Manuscript Included Top Secret Classified InformationWhite House Told Bolton That Manuscript Included Top Secret Classified Information
    By Zachary Stieber The White House told former national security adviser John Bolton that his manuscript included “significant amounts of classified information,” according to a Jan. ...
  • Fed Keeps Interest Rates Unchanged Amid Concern for Below-Target InflationFed Keeps Interest Rates Unchanged Amid Concern for Below-Target Inflation
    By Tom Ozimek The Federal Reserve’s interest rate-setting body decided Wednesday to keep the benchmark Federal Funds target rate unchanged within the 1.5 to 1.75 percent range. Members ...
  • Election security in spotlight ahead of Georgia primary, amid tampering allegationsElection security in spotlight ahead of Georgia primary, amid tampering allegations
    By Jayla Whitfield | Fox News ATLANTA — Since 2017, Georgia has been in a legal battle over the integrity of its elections. In December, the plaintiffs in the battle, the ...
  • Trump, at packed New Jersey rally, hits congressional Dems amid impeachment fightTrump, at packed New Jersey rally, hits congressional Dems amid impeachment fight
    By Gregg Re | Fox News President Trump headlined a jam-packed rally in Wildwood, New Jersey, on Tuesday night, hours after his attorneys wrapped up their opening arguments in ...
  • Trump’s Attorneys Argue House Subpoenas for Financial Records May Not Be Used to Engage in Law EnforcementTrump’s Attorneys Argue House Subpoenas for Financial Records May Not Be Used to Engage in Law Enforcement
    By Janita Kan President Donald Trump’s attorneys urged the Supreme Court to block several subpoenas that would give the House and a New York investigation access ...
  • Massive crowds form for Trump’s New Jersey rally amid impeachment fightMassive crowds form for Trump's New Jersey rally amid impeachment fight
    By Judson Berger | Fox News Sprawling lines were forming overnight in the Jersey Shore destination of Wildwood in anticipation of President Trump’s campaign rally scheduled for late Tuesday, ...
  • Poll: Political Correctness Has Gone Too Far, Majority of Likely Voters SayPoll: Political Correctness Has Gone Too Far, Majority of Likely Voters Say
    By Petr Svab More than four out of five likely voters agree that political correctness has gone too far, a December poll shows. More than 57 ...
  • Florida Governor Introduces Replacement for Common Core School StandardsFlorida Governor Introduces Replacement for Common Core School Standards
    By Petr Svab Florida Gov. Ron DeSantis announced on Jan. 24 the creation of academic standards that will replace the previous standards, called Common Core. “When ...
  • Pompeo blasts ‘shameful’ NPR reporter, claims she broke agreement reached before interviewPompeo blasts 'shameful' NPR reporter, claims she broke agreement reached before interview
    By Brie Stimson | Fox News Secretary of State Mike Pompeo responded Saturday following media reports that said he scolded an NPR reporter after they sat for an interview — one that ...
  • Tennessee passes law allowing agencies to deny LGBTQ adoption applications because of religious objectionsTennessee passes law allowing agencies to deny LGBTQ adoption applications because of religious objections
    By Danielle Wallace | Fox News The governor of Tennessee signed a controversial law Friday that allows adoption agencies within the state to refuse to place children in homes that “violate ...
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